Woodlands-Based Energy Company Files Chapter 11 Bankruptcy

by San Antonio Attorney

Ginger Oil Co., a company based in Woodland, Texas, has filed for Chapter 11 bankruptcy on Feb. 4.  The company is subsidiary of the Swedish Oil Company of the same name.

The U.S. Bankruptcy Court approved the energy company’s plea for the emergency use of its cash collateral amounting to $50,573 on Feb. 8.  The bankruptcy court also gave approval to its plan of offering security to the Independent Bank of Texas, its chief creditor, in the form of property and interest payments, as stated on the court documents.

According to an official statement released by the company last Feb. 5, Ginger Oil could not carry out its commitments under the financial assistance program.

Ginger Oil Co.’s parent company, Ginger Oil AB, is based in Stockholm, Sweden.  It is an oil and natural gas exploration and development company.

The bankrupt energy company operates in the United States and is based on a headquarters located at 1400 Woodloch Forest Drive No. 425, as stated on its website.

The company was established in 1997 by its founders Han Blixt, Chief Executive Officer of the company and William Neville, the company president.

In 2003, the company was declared a public company in Sweden, eventually trading in Nasdaq as GOI.  The company’s ordinary and preferred shares have been put under observational status when Ginger Oil officially released a statement about their current status and plan to file for bankruptcy.

Ginger Oil is the first energy company to file for bankruptcy this year.  Texas bankruptcy lawyers have predicted bankruptcy filing to increase by 30 percent as compared to last year.

If your business or company been struggling for some time, and you find it hard to be able to settles your bills, your creditors may start finding ways to get paid.  Filing for bankruptcy is a legal option to continue your business operations while you sort out your company’s finances.


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